Farmers, market gardeners and certain others have the ability to average their profits to smooth out fluctuating results, which may otherwise result in volatile tax bills. But how can they benefit from an averaging election and what key points should they be aware of? Partner Vivien Hogg explains.

As a company director, one of the more efficient ways of reducing your company’s tax bill, and at the same time increasing the amount of cash withdrawn, is by paying salary to a member of your family. This could be to your spouse, civil partner or children at university.  Partner Joanne Gibson takes a closer...

You formed a company several months ago, but it hasn’t begun to trade and may never do so. HMRC has sent you a form asking you to register for corporation tax (CT). But are you required to do this, and what are the implications if you don’t? Partner Joanne Gibson discusses in this article.

The Autumn Budget has certainly triggered a lot of questions and concerns from our clients. Particularly from farmers whose estates may now be subject to Inheritance Tax when they die, whereas previously there were good tax reliefs to protect their estates. If you are a farmer and are concerned about how this might affect you...

With Companies House increasing their fees from 1 May 2024, this will have an impact on every incorporated business in the UK. Kenny Logan from our Edinburgh office looks at the new fees and what these increases will mean. Companies House increase in fees will result in increased costs for all entities registered, including private...

You have recently switched to electronic invoicing. However, some customers are insisting on paper invoices. Must you comply with these requests?  Elaine Wight answers this question below. While the design and layout of your business invoices is up to you, there are government regulations that require you to include certain information about your business and...

If you need a loan and your company has available cash, is it more tax efficient to borrow from it instead of your bank?  Kenny Logan from our Edinburgh office discusses below. Borrowing interest free cash from your company (that it doesn’t have to borrow to lend to you), instead of via a bank loan...

If you own the trading premises of your business, charging rent can be a good way to extract income. The trouble is it can increase any capital gains tax (CGT) payable if you sell the property. Can the income tax saving justify the extra CGT? Kenny Logan from our Edinburgh office takes a closer look....

The 2023/24 tax year is of course now underway and there have been several changes which may affect you.   Head of Tax, Christiaan Hansen provides an overview of the key points, along with our recommendations and advice. Income tax The rates of income tax haven’t been increased; however, the threshold for paying the additional...

All women in the UK are entitled to a total of 52 weeks of maternity leave from work – made up of 26 weeks ordinary maternity leave and 26 weeks additional maternity leave. There are two types of maternity benefits available, Statutory Maternity Pay (SMP) which is paid by an employer and Maternity Allowance (MA)...